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StitcherPropaganda we’re not falling for: That it’s impossible to do a no-spending challenge. Just because the world revolves around capitalism? Nuh-uh. If you know how to do it right you will do it right. There may be pros and cons along the way but the lessons and habits you pick up will benefit you no matter what. And that’s exactly what Jen and Jill are diving into in this episode.
When we are so used to solving all our problems by spending money, not only do we wonder where all our money has gone, but we also lose the self-satisfaction that comes with being creative, critical thinkers, and figuring things out.
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Check out some relevant episodes
Benefits and Dangers of the No-Spend Challenge
Rinkydoo Finance takes a significant measure and tempered approach in this article on the pros and cons of the no-spend challenge. Let’s highlight your benefits and dangers to decide whether this challenge is for you.
What Jen + Jill have to say:
One of the main reasons why Jen loves the no-spending challenge is because it helps us identify hidden impulsivity issues or spending triggers. Jill adds that when it comes to spending in ways that we don’t want to spend, a lot of times, it’s tied to impulsivity. This challenge helps with self-control and discovering creative ways to save money. In line with this, if you were not to spend money, you would achieve saving money faster. However, the no-spend challenge also makes one focus too intently on the smaller picture rather than the bigger one. We may fall into binge spending resulting in us shaming ourselves.
No Spend Challenge? This Is Why It Won’t Work
We may love the no-spend challenge, but we are going to argue and look at why the challenge may not work for some, as presented in this article from A Dime Saved.
What Jen + Jill have to say:
Jen agrees that there are a lot of diminishing returns from no-spend challenges where it transitions from helpful to something that holds you back. This challenge may not be sustainable, so you may have to learn what you can about yourself and your spending. Mistakes will happen, so we have to be strong and resilient enough when taking on this challenge.
However, Jill would like us to consider that the point of a no-spend challenge is to identify what is sustainable for you. It may not bring meaningful change, but this will depend on what your approach to the challenge is going to be. If you entered it mindlessly and didn’t have a goal, it would not produce meaningful change.
What our no-spend weeks/month generally look like
Jill wouldn’t say she ever needed to fully engage in a no-spend challenge as she is not much of a spender, so she reigns in and identifies the reasons for spending. The no-spend concept helped her towards a particular goal in specific areas, such as food.
On the other hand, Jen has not done one since the last month she paid off debt which was July 2017.
Bill of The Week
Thank you Katie for sharing your bill about adopting a dog and getting her vet treatment AND having pet insurance AND receiving money from the attacking dog’s owner. So glad this went well!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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5 stars
Has a huge frugal friends fan and long time listener, I brought the book to support the podcast. I read the book as obligation to my purchase. I enjoyed the book from the bottom of heart. So much knowledge was gained, so much entertainment was received. Thanks lady for the whole book and that one line that said “ I can be wealthy I will use it everyday.
Love, Jennifer Garner.
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
